Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Positive2
    • By Positive2 10th Feb 18, 10:49 PM
    • 3Posts
    • 2Thanks
    Positive2
    Our income is falling advice please
    • #1
    • 10th Feb 18, 10:49 PM
    Our income is falling advice please 10th Feb 18 at 10:49 PM
    Hi, I hope this is the correct section.
    We are a small family on a low income. My husband's wage will fall by 10% in October. I work part time and we claim tax credits.
    We have no credit debt and are not in mortgage arrears.
    We have some emergency savings, about half of our annual income saved. We try to save each month for large bills.
    We are frugal and live within our means but this income drop will cut into much more than we currently save each month. It will be difficult to make up the shortfall without going into the emergency savings.
    Changing work wd be difficult at present. Does anyone have suggestions for us going forward. Thank you
Page 1
    • Browntoa
    • By Browntoa 11th Feb 18, 8:30 AM
    • 32,834 Posts
    • 38,424 Thanks
    Browntoa
    • #2
    • 11th Feb 18, 8:30 AM
    • #2
    • 11th Feb 18, 8:30 AM
    Take a look at the forum guide

    https://www.moneysavingexpert.com/family/make-money?_ga=2.225682527.456363819.1516913433-1451357464.1516913432

    Ignore any private messages you may get offering sign ups to things ...
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • culpepper
    • By culpepper 11th Feb 18, 9:22 AM
    • 3,905 Posts
    • 7,267 Thanks
    culpepper
    • #3
    • 11th Feb 18, 9:22 AM
    • #3
    • 11th Feb 18, 9:22 AM
    Maybe if we had some idea of how much the shortfall would be, then there might be things that could be suggested to fill the gap.
    Sounds like there is plenty of time before the change of income anyway.
    • Positive2
    • By Positive2 11th Feb 18, 4:22 PM
    • 3 Posts
    • 2 Thanks
    Positive2
    • #4
    • 11th Feb 18, 4:22 PM
    • #4
    • 11th Feb 18, 4:22 PM
    Hi, OK my husband earns 1200 after tax a month. 146 of that is protected until October.
    So he will earn 1054 a month.
    I earn 220 a month.
    We get 210 tax credit
    We also get 86 child benefit.
    Our monthly fixed bills are 900, eg mortgage, electric, council tax.
    We spend around 350 on food, 100 on petrol a month.
    Other bills such as car mot, the microwave blew up etc come out of what I save of any surplus currently but I'm not seeing any surplus down the line..
    Any suggestions appreciated to try to prepare for October
    Thanks
    • Browntoa
    • By Browntoa 11th Feb 18, 5:06 PM
    • 32,834 Posts
    • 38,424 Thanks
    Browntoa
    • #5
    • 11th Feb 18, 5:06 PM
    • #5
    • 11th Feb 18, 5:06 PM
    Read the guide in post 2
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • Smodlet
    • By Smodlet 12th Feb 18, 10:36 AM
    • 2,925 Posts
    • 5,922 Thanks
    Smodlet
    • #6
    • 12th Feb 18, 10:36 AM
    • #6
    • 12th Feb 18, 10:36 AM
    The guide is a very good place to start but online income (unless you are a professional poker player or the like) is not guaranteed and selling your stuff, assuming you have anything you do not need, is only a quick fix. There will be plenty of other ideas on there as well.

    Forgive my ignorance, OP, but would the tax credits not increase to make up the shortfall? If not, since you earn only 220 per month, I assume you work part time; could you not get an additional part time job/increase your hours/look for a better paid one?

    You are doing the right thing by planning ahead but, if your OH has to take a wage cut, I would consider suggesting he look for another job too. How do you know he will not be forced to take another cut down the line?

    The only other thing I can suggest is that you post your SOA on the appropriate board and see if others can think of ways you might become even more frugal. HTH.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Mrs Soup
    • By Mrs Soup 12th Feb 18, 2:15 PM
    • 504 Posts
    • 1,045 Thanks
    Mrs Soup
    • #7
    • 12th Feb 18, 2:15 PM
    • #7
    • 12th Feb 18, 2:15 PM
    The debt free wannabe and Old style forums might also have some good info in them about managing on a reduced income even if you don't have any actual debt.
    • Positive2
    • By Positive2 13th Feb 18, 10:58 PM
    • 3 Posts
    • 2 Thanks
    Positive2
    • #8
    • 13th Feb 18, 10:58 PM
    • #8
    • 13th Feb 18, 10:58 PM
    Thank you Smodlet for a good summing up, I'm thinking the same that a change workwise rather than quick fixes is the way forward long term.
    Thanks too Mrs Soup, I'll have a look :-)
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

18Posts Today

3,796Users online

Martin's Twitter